April 18, 2008
Reunion Industries , Inc. sales CP Industries
McKeesport, PA - Reunion Industries, Inc. has announced the sale of the CP Industries(CPI®) and substantially all of its assets to CP Industries Holdings Inc., a subsidiary of Everest Kanto Cylinder Ltd.
Known as the largest United States manufacturer and seller of seamless pressure vessels for the containment and transportation of pressurized gases, CPI's position on the sale is optimistic. WIth the support of CP Industries Holdings, Inc., CPI® is out from the financial burden and constraints which could have limited the production of vessels brought on by Reunion's increasing financial difficulties. CPI® is now in a much stronger position to better serve the needs of their customers as well as expand their market presence and product inventory.
The sale, however, did not come as a shock due to much speculation after Reunion’s announcement of operating as a "debtor-in-possession" under Chapter 11. Reunion's decision to sell CP Industries was a two fold effort to not only bring Reunion out of Chapter 11 but to safeguard the jobs of over 100 employees and allow the company to continue operating.
CPI® is pleased to be a subsidiary of Everest Kanto Cylinder Ltd. (EKC). EKC was established in 1978 and has produced well over 1.5 million High Pressure gas cylinders, has 500,000 CNG cylinders in service and has three manufacturing plants.